by Ashley Halligan, an analyst for a property management software guide
It’s no secret that the costs associated with tenant turnover can be exorbitant. A 2011 SatisFacts study estimates move-out costs average around $3,900 per unit, which includes, among other items, $1,200 in lost rental income, nearly $800 in concessions and more than $700 in maintenance, readying and repairs. So, what can property managers do to encourage lease renewal? After interviewing property managers and retention research experts, I’ve collected a mix of three common sense and creative strategies to increase resident retention.
Start With Customer Service
A 2010 SatisFacts study found that 54 percent of residents choose not to renew leases based on controllable reasons. Poor customer service, lack of responsiveness and dissatisfaction with maintenance requests were cited as the main drivers of resident turnover. Contrary to popular belief, lucrative property amenities don’t make up for deficiencies in service. So, it’s critical that property managers address these issues.
Read more...Resident Retention Strategies: Three Tips to Kick Off a Strong 2012 by Ashley Halligan, an analyst for a property management software guide